Kinross Gold reported production of 603,312 attributable gold-equivalent oz. in the third quarter of 2020, compared with 608,033 gold-equivalent oz. over that same period last year.
According to the company, the decrease was largely due to lower production at Paracatu, Maricunga and Kupol, largely offset by increases at Fort Knox and Bald Mountain.
Kinross sold 588,559 gold-equivalent oz. in the third quarter, compared with 592,689 gold-equivalent oz. sold in the same period of 2019.
The Tasiast mine in Mauritania achieved a record production month in August, producing 103,065 attributable gold-equivalent oz. in the quarter, compared to 93,865 gold-equivalent oz. in the same period of 2019.
The Tasiast 24k project is advancing well and remains on schedule to increase throughput capacity to 21,000 t/d by the end of 2021, and then to 24,000 t/d by mid-2023, Kinross said in a press release.
At the Fort Knox Gilmore project, work on infrastructure and processing facilities is now substantially complete, the company reported. First ore was placed on the new Barnes Creek heap leach pad in early October.
Kinross said it remains on track to meet its original 2020 guidance for production, cost of sales per ounce, all-in sustaining cost per ounce and capital expenditures, despite impacts from the COVID-19 pandemic.
Adjusted net earnings increased from US$104-million, or US$0.08 a share, in the third quarter of 2019, to US$310.2-million, or US$0.25 a share.
Adjusted operating cash flow surged by 86% to US$549.6-million.
“Year-over-year, our margins grew by 60% to US$1,171 per gold ounce sold, which substantially outpaced the 30% increase in the average realized gold price. We also continued to strengthen our investment grade balance sheet and ended the quarter with approximately US$935 million in cash and total liquidity of US$2.5 billion,” said Kinross CEO J. Paul Rollinson.
“In September, we were pleased to announce an expected 20% increase in production over the next three years to 2.9 million gold-equivalent ounces, along with plans for a quarterly dividend to return capital to our shareholders. We also provided a long-term production outlook which forecasts Kinross producing an average of 2.5 million gold-equivalent ounces annually through to 2029.”
The company declared a quarterly dividend of US$0.03 per common share payable on Dec. 10 to shareholders of record at the close of business on Nov. 25. The company also declared a dividend on Sept. 17, and announced plans to pay a regular quarterly dividend.
Midday Thursday, Kinross’ stock was up 8% on the NYSE. The company has a US$11-billion market capitalization.
This story originally appeared on www.MINING.com.